With Sutherland’s last bank set to close next year, Stone backs banking hubs
Jamie Stone, MP for Caithness, Sutherland and Easter Ross, has called for the establishment of banking hubs across the Highlands in light of the impending closures of the Bank of Scotland branches in Golspie and Wick next year – which will leave the counties of Caithness and Sutherland with no high street banks.
The concept of a banking hub, pioneered by Cash Access UK, provides a commercial space for face-to-face cash access and banking with various high street branches, who rotate in accordance with a weekly rota.
This way, local customers have the opportunity, on select days, to speak with community bankers from their branch. However, the hubs are primarily a means of accessing cash and cannot directly deal with the management of individual accounts in cases of fraud, for example.
To see the concept in practice, Mr Stone visited the branch in Acton in order to assess the capacity of the hub and speak to those working there about the success of the enterprise.
Mr Stone has previously raised concerns about a lack of access to high street banking in the Highlands. Writing to both Lloyds Banking Group and the Chancellor of the Exchequer, he stressed that “face-to-face banking is essential for preventing fraud and providing support to those who are unable to use online banking”. He says this is particularly pertinent in the far north, where broadband coverage is poor and the population is ageing.
Following his meeting in Acton, Mr Stone spoke with representatives from LINK – an independent regulated company which works in the public interest to create a sufficient banking and ATM network to ensure people across the country have sufficient access to cash. During this meeting, LINK assured Mr Stone that Wick was a viable destination for the establishment of a banking hub.
Mr Stone said: “I previously wrote to Lloyds Banking Group – as well as to the Chancellor – about my serious concerns regarding the bank closures in Wick and Golspie. However, I was not impressed by the response I received. Inaction and disinterest colour the approach taken by those in power and I’m simply not letting it slide.
“I promised my constituents that I would not stand by idly, and that is exactly why I took it upon myself to visit Cash Access UK’s banking hub in Acton. During my visit, I saw how effective the Hub was at serving its local community - especially through its ability to provide community bankers from different branches throughout the week.
“This is exactly the sort of face-to-face services which banks have a duty to provide – especially in the Highlands, where elderly folk need a real person to provide them with advice. What’s more, this isn’t just about reassurance, speaking with a banking adviser is absolutely essential for preventing fraud – which elderly customers are more vulnerable to.
“I am pleased to have seen the success of a functioning banking hub myself, and to have been reassured that Wick is a viable destination for the establishment of one. It is the very least my constituents need in such a vast and rural part of the country.
“However, whilst the banking hub is a practicable alternative following the closures, it is not wholly equivalent to a permanent High Street bank branch. This is why I still maintain that the closures reflect poorly on Lloyds Banking Group’s duty of public service.
“These large and successful banking groups should not be allowed to fall back on the innovation and initiative of groups such as Cash Access UK, whilst they continue to do less for their communities and pocket enormous profits.”
